Take a portfolio that had been throwing off about four basis points of profit since inception in the 1990s and in 2005 began imposing a 30-basis point profit target, taking on the risk of having to improve margins 7.5 times (aka a naked grab for yield)

Neuger also, presumably, didn't tell senior AIG management anything like, oh by the way, our securities lending program is now the largest proprietary securities lending portfolio on Wall Street. Only State Street is bigger, just FYI.

Not that it's only his fault that senior management didn't know - that was obviously one of their biggest problems, too.